Property developer Indiabulls Real Estate (IBREL) has informed that company's board of directors has finally approved a plan to raise $600 million (Rs 3,000 crore) through qualified institutional placement (QIP) of securities.

The QIP proceeds are expected to be utilized for funding its power projects, mainly a 1,320-megawatt project planned in Amaravati in Maharashtra.

The board of directors took a decision to this effect at its meeting on April 24 (Friday).

Further, in order to obtain the consent of the shareholders for the aforesaid matter, an extraordinary general meeting of the company will be convened on May 18.

Last year, Indiabulls Power Services had raised Rs 1,600 crore from LN Mittal and Farallon Capital by divesting 28.6 per cent equity to pursue its plans in the power sector.

The company plans to build two mega thermal power plants in Maharashtra with an aggregate capacity of 3,960 Mw.

The stock closed on Friday at Rs 147.55, up by Rs 2 or 1.37%. The stock hit an intraday high of Rs 151 and low of Rs 141.70.